Core Insights - U.S. crude futures have eased in early trading on Friday, following a surge from the previous day, but are still on track for a weekly gain due to ongoing supply concerns [1] Group 1: Market Reaction - The easing of U.S. crude futures indicates a correction after a significant price increase [1] - Despite the recent decline, the market is positioned for a weekly gain, reflecting underlying strength [1] Group 2: Supply Concerns - Fresh U.S. sanctions on Russia's two largest oil companies have heightened supply concerns in the market [1] - The sanctions are a direct response to the ongoing war in Ukraine, impacting global oil supply dynamics [1]

Core Viewpoint - The ongoing conflict between Israel and Iran has raised concerns over oil supply disruptions in the Middle East, leading to a significant increase in international oil prices [1] Group 1: Oil Price Movement - WTI crude oil opened with a surge of over 6%, reaching a peak of $76.65 per barrel before settling with a gain of 4.3% [1] - The market's focus is on the potential for further escalation of the conflict, particularly regarding the Strait of Hormuz, through which approximately one-fifth of the world's oil is transported daily [1] Group 2: Recent Events - Israel's recent airstrike on Iran's South Pars gas field resulted in the shutdown of a production platform, marking a continuation of military actions following previous strikes on Iranian nuclear facilities and military command systems [1] - The potential for Iran to attempt to block the Strait of Hormuz poses a significant risk for oil prices, which could spike dramatically if such actions occur [1]